Bank entrepreneur in Vero Beach credits perseverance for business success

VERO BEACH - Vernon Smith, a bank founder who owns a cattle ranch, citrus groves, radio stations and a weekly newspaper, was recognized with the Dan K. Richardson Entrepreneurship Program's 2008 Entrepreneur of the Year Award on Thursday at the Indian River Community College Richardson Center.

The award recognizes entrepreneurial spirit and exceptional business achievement, a central element of the Dan K. Richardson Entrepreneurship program, established by the IRCC Foundation to promote awareness and appreciation of the free enterprise system.

In 1982, Vernon Smith established Riverside Bank in Fort Pierce as an independent, locally owned institution with 10 employees and one office. Under his leadership as president and chief executive officer, Riverside Bank has grown to 65 offices in 10 Florida counties, with more than 1,000 employees and $4.5 billion in assets.

Smith also is actively involved in four affiliate banks, Riverside Bank of the Gulf Coast in Cape Coral, Riverside Bank of Central Florida in Winter Park, Prosperity Bank of St. Augustine and First National Bank of South Florida in Homestead.

In an interview Thursday, Smith detailed his experiences in the banking industry and talked about the attributes one must have to be a successful entrepreneur.

Q. What made Riverside Bank expand and grow so fast?A. When we started, we really wanted our employees to participate in the success of the bank. We used incentives plans, stock options ... we weren't only looking out for our shareholders. Based on that, we were very proactive with our customers. We started hometown banking, the welcome home bank.

Q. How has the banking industry on the Treasure Coast changed since you started Riverside Bank?

A. Obviously, there has been a lot of consolidations. The one thing that made Riverside stand apart in banking over the last 25 years, is we have been consistent in the products we offer ... and also our continued focus on our customers.

Q. How did you feel when heard that you were would be receiving this award?

A. I was really excited about it. A lot of other people have been equally successful on the Treasure Coast. The Treasure Coast has had a good business environment for a long time. It's a good place to raise families, a great place to live. A lot of people are finding out about us and joining us here.

Q. What advice do you have for young entrepreneurs just starting out?

A. If you look at my background, I am the son of a poor Air Force sergeant who worked his way through college. I realized early that I needed to have goals. When I was in grad school at FSU with only 15 people in the MBA program, I realized then that I was dumbest person in class. I remember I looked around class and said, 'Smith, the only way you're going to make it through this is through perseverance.' I had a number of turning points in my life that without perseverance would have gone a different path and I would not have near the successes that I have now. Perseverance in life and having goals are very important.

It's important to have goals so you know where you're going in life. If you don't have a roadmap it's hard to get there. You have to have goals that go out five, 10 years ... that's what I've taught my children and grandchildren.

Q. Are you a Treasure Coast native?

A. I was born and raised in Tallahassee. My dad was a sergeant in the airforce so I was educated in Alaska, but I went to FSU (Florida State University).

I moved to the Treasure Coast in 1979 because I was transferred here by Southeast Bank. When I got out of college I moved to Orlando and was there for 13 years before transferring down here.

Q. What is the secret of your success?

A. One of the main things is having an understanding of the great need for community banks and sharing the success of the bank with employees. Making it happen and bringing them onboard and engaging them has contributed to the bank's success.